The extraordinary general assembly of Arabian Centres Company has approved the issuance of sharia-compliant sukuk.
The sukuk, which may be issued in any currency whether domestically and/or internationally, comes along with the company’s long-term policy, according to a bourse filing on Monday.
Arabian Centres tends to have more flexible and unsecured public markets financing.
The decision allows the company’s board to decide the size and value of any sukuk issuance, based on market conditions and the company’s financial situation, without reverting to shareholders.
It could also conduct necessary procedures to adopt any resolution, negotiate, and enter into any agreement or deed, when necessary, to implement this transaction.
Arabian Centres is one of the leading owner, operator and developer of contemporary lifestyle centres in Saudi Arabia. For over a decade, the Company has provided customers with a complete range of high quality lifestyle centres up to international standards, located in the most attractive areas of the country to satisfy all shopping needs and market requirements.
Today, Arabian Centres has a portfolio of 19 assets strategically located in 10 major Saudi cities. The Company operates some of the most iconic lifestyle centres, including Mall of Arabia, Mall of Dhahran, and Nakheel Mall, which was recognized at the Arab Luxury World Forum in 2017 as being consumers’ favourite shopping mall in Riyadh.
Source Zawya